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    1455 Hamlin Ave Chicago, IL 60623

    Sponsored
    For Sale
    $480,000

    High-Yield Multifamily Investment Opportunity

    Property size:
    6,250 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    398
    This 6-unit apartment building, located at 1455 S Hamlin Ave in Chicago, IL, presents a compelling value-add investment opportunity. Built in 1905 and extensively renovated in 2015, this three-story, 6,250 square foot building sits on a 3,920 square foot lot (APN: 16-23-118-010-0000) and boasts a current 100% occupancy rate. The property features a strong current NOI of $53,962, translating to an 11.24% cap rate, with a pro-forma NOI of $72,146 and a pro-forma cap rate of 15.03%. Recent improvements include a new roof (2015), new gas-forced air units (2017), new concrete basements (2017), new steel porches (2016, repainted 2021), tuckpointing (2016), updated electrical and plumbing systems, and a new back yard fence (2021) and updated water pipe insulation (2021). The asking price is $480,000, or $80,000 per unit. Situated in the Douglas Park/North Lawndale neighborhood, the property benefits from convenient access to I-290, downtown Chicago (12-minute drive), groceries, schools, and public transportation. The property is zoned RT-4. Tenants are responsible for gas, heat, and electricity. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a desirable Chicago location with significant upside potential.

    Property Features for 1455 Hamlin Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    6,250 SF
    Class
    C

    Building Details

    Year Built/Renovated
    1905/2015
    Buildings
    1
    Stories
    3
    Units
    6

    HighLights

    • $480,000 asking price for a six‑unit apartment building in Chicago, IL.
    • Value‑add opportunity with a 11.24% current cap rate and a pro‑forma cap rate of 15.03%.
    • 6,250 square feet building on a 3,920 square foot lot, built in 1905 and renovated in 2015.
    • 100% occupancy with a current NOI of $53,962 and a pro‑forma NOI of $72,146.
    • Located at 1455 S Hamlin Ave, Chicago, IL 60623, in the Douglas Park / North Lawndale neighborhood.
    • Tenants pay gas, heat, and electric.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7198658
    Latitude
    41.8611609

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    FAQs

    What type of property is this?
    Multifamily property - High-Yield Multifamily Investment Opportunity
    Where is this multifamily property located?
    The property is located at 1455 Hamlin Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $480,000.
    What are key features of this property?
    This property features: $480,000 asking price for a six-unit apartment building in Chicago, IL.; Value-add opportunity with a 11.24% current cap rate and a pro-forma cap rate of 15.03%.; 6,250 square feet building on a 3,920 square foot lot, built in 1905 and renovated in 2015.
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1455 Hamlin Ave Chicago, IL 60623
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